LP Radar: The LP-LP divide(3)

The once harmonious LP community appears to be dividing into different classes, depending on how they invest. This disharmony has forced GPs to tread carefully in explaining why different LPs get different terms

Apparently, size does matter. In a recent conversation with a limited partner about the state of the industry, I was surprised to hear some grumbling about “fairness”.

The LP was peeved about some of the big headline-grabbing custom accounts built by large institutions and mega-GPs. The LP specifically brought up a custom relationship sealed last year between New Jersey’s state pension system and The Blackstone Group, in which $1.5

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